BGO has secured the largest office lease in the state of New Jersey during the past decade with the signing of Bank of America to a 550,000-square-foot commitment at its newly renovated Newport Tower.
The lease was confirmed in December, and has a 15-year term according to reports published in the U.S. It will occupy 21 storeys in the 36-storey building, which is located at 525 Washington Blvd., in Jersey City.
In total, Newport Tower contains 1,105,409 square feet of space.
Financial terms have not been disclosed.
BGO is based in Miami, but the firm is owned by Toronto-based Sun Life. Considered one of the largest real estate firms on the continent, BGO has over $83 billion in assets under management as of Q3 2023 and operates in 13 countries.
Bank to consolidate employees at Newport Tower
Bank of America plans to consolidate all of its employees in the Jersey City area at the new office when it completes fit out and takes occupancy, which is expected to occur in early 2026.
The bank is one of the largest financial institutions in the U.S. and is headquartered in Charlotte, N.C.
The bank reports it holds $1.3 trillion in consumer and business deposits from 69 million customers. It operates a network of over 4,600 banking outlets.
Major renovations at the Newport Tower have just been completed, “including a dramatic two-story atrium and reception desk as well as a brand-new tenant hospitality suite, featuring multiple conference rooms, a catering bar, games room, and Tenant Lounge,” BGO stated in its own announcement on LinkedIn.
Completed in 1990, the tower sits across from the Newport PATH station offering access to both Midtown Manhattan and downtown Manhattan in about 15 minutes.
Floorplates in the tower ranges from approximately 23,700 square feet to 38,000 square feet. The top 12 floors, which comprise part of the Bank of America lease, comprise approximately 282,000 square feet of space.
BGO – known as Bentall Kennedy at the time, which was prior to its merger with U.S.-based Greenoak in 2019 – had acquired the tower in a partnership in 2011 for what was then a record $377.5 million.
The acquisition from former owner Brookfield Office Properties was the largest in state history.